Indian Art Market Forges Ahead

Times May Be Tough But Indian Galleries are Adapting

This story from the Economic Times in India has little in the way of hard facts. But if we’re to believe their editorializing, the elder statesmen of Indian art are on strike until stable prices return but galleries are still committed to showing and promoting new artists:

The economic scene has forced the art market to adapt to the altered state of financial conditions. As a result, many major art shows are being postponed and art are trying to cut costs wherever possible. Most of the smaller art shows that were planned earlier are going ahead as scheduled, but the ones where senior artists are involved are definitely affected.

[ . . . ] Given the existing conditions most buyers are reluctant to pay the premium price that most senior and established contemporary artists demand. Therefore, in order to maintain their prices, many artists are desisting from putting up their works for sale. [ . . . ] galleries are holding events and there are two major reasons why they are going ahead with nearly all of their shows. First, they are introducing young and new artists to the art community where their prices are low; and remember, this is the category that is thriving the most at the moment. And secondly , a continued spate of art shows ensures that interest in art is maintained, and prospective buyers are retained in the long term.

And if they can’t make sales at home, there’s always the Gulf States. Art Dubai has invited five Indian galleries to the March fair, according to the Indian site DNA. Despite the troubles caused by the financial crisis, Savita Apte, one of the fair’s organizers remains positive:

The original concept of the fair was was to bring the best quality of art under one roof and attract collectors and buyers to a single venue. So, the original idea of an art fair still holds true. For many galleries, the fair will bring in 60 to 70 per cent of their sales. For others, participation will be a significant part of their international marketing strategy, wherein they will be able to promote their artists in the global arena.